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Coeur Reports Third Quarter Financial And Operating Results

Stocks in this article: CDE CDM

Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) produced 4.4 million ounces of silver and 58,768 ounces of gold during the third quarter, which resulted in $230.6 million in sales and $77.3 million of operating cash flow 1. The Company repurchased $10.0 million of its common shares during the quarter and repaid $72.0 million of outstanding debt, resulting in total remaining debt of $47.4 million 2 and cash, cash equivalents and short-term investments of $143.6 million as of September 30, 2012.

Third Quarter Highlights

  • Silver production totaled 4.4 million ounces, 10% lower than second quarter 2012 levels.
  • Gold production totaled 58,768 ounces, down 7% from the second quarter.
  • Net metal sales totaled $230.6 million, down 9% from the second quarter.
  • Operating cash flow 1 totaled $77.3 million, down 13% from the second quarter. Including changes in working capital, net cash from operating activities was $79.7 million compared to $113.2 million in the second quarter.
  • Consolidated cash operating costs 1 were $9.05 per silver ounce compared to $6.41 per silver ounce in the second quarter.
  • Kensington's cash operating costs 1 per gold ounce declined 4% from the second quarter to $1,298. These costs are expected to decline to under $950 per ounce in 2013.
  • Adjusted earnings 1 were $25.8 million, or $0.29 per share, compared with $28.0 million, or $0.31 per share, in the second quarter 2012. Net loss for the quarter, which included a non-cash fair market value adjustment of $37.6 million, was $15.8 million, or $0.18 per share, compared with net income of $23.0 million, or $0.26 per share, in the second quarter.
  • Cash, cash equivalents and short-term investments were $143.6 million as of September 30, 2012.

Mitchell J. Krebs, Coeur's President and Chief Executive Officer, said, “The Company's third quarter was negatively impacted by lower production and higher unit costs at the Palmarejo mine in Mexico, which were due to unfavorable underground conditions encountered during September and a transition in open pit production. Open pit production has been accelerated to partially offset the impact, which has led to higher unit costs and lower overall grades."

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